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Álvarez described that the reforms will modernize the legal framework, innovate investments through attractive contracts for the global oil industry and grant more powers to the Comisión Ejecutiva del Río Lempa (CEL), to direct and supervise the exploration and exploitation of hydrocarbon deposits.
Likewise, one of the objectives of modifying the Law is to have certainty as to what types of resources are available in the country, such as oil or natural gas. When the reforms are approved, international experts can be hired to carry out the appropriate studies, said the official.
Another of the objectives of CEL's authorities is to be able to have energy security in the country, which will help to develop a more stable economy, since it will no longer depend on international exports.
Translated by: A.M